No Penalties for Cash Loan Transactions: Genuine Creditors Verified, No Tax Evasion Intent u/ss 271D & 271E.

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....Imposition of penalty u/s 271D and 271E - acceptance and repayment of loans in cash - The creditors from whom the cash was received and repaid were held to be genuine and confirmation to that act was obtained from the said persons and the transactions were not made for attempting to evade tax - No penalty - HC....